Finance Minister Nirmala Sitharaman said on Tuesday that there are signs of revival in the economy. However, the Finance Minister has projected GDP growth in the current financial year to be in the negative digits or near zero. Addressing the India Energy Forum of Seraviq, the Finance Minister said that the government implemented a stringent lockdown on March 25, keeping life earlier than employment. He said the lockdown provided time to prepare for a pandemic.
He said that there are signs of revival in macro-economic indicators after the unlock.
Sitharaman said that the festive season will give more momentum to the economy. This has raised hopes of positive growth in the third and fourth quarters.
Sitharaman said that during April to August this year, there was an increase of 13 percent in Foreign Direct Investment (FDI) compared to the same period last year.
India's growth this year will be negative or near zero: Finance Minister Nirmala Sitharaman at the 4th Annual India Energy Forum by CERA Week pic.twitter.com/WdpNW76wpQ— ANI (@ANI) October 27, 2020
Sitharaman said that globally, we are among the countries where corporate tax is at the lowest level. If any investment in the manufacturing sector starts production by March 31, 2023, then they will have to pay corporate tax at the rate of only 15 percent.
He said that the GDP growth rate during the current financial year may remain in the negative digits or near zero.
Sitharaman said the government's emphasis is on public expenditure to accelerate economic activity.
Foreign Direct Investment (FDI) inflow between April & August of 2020, grew by about 13% compared to non-COVID 2019's comparable period: Finance Minister Nirmala Sitharaman at the 4th Annual India Energy Forum by CERA Week pic.twitter.com/B0aCAQV0Vo— ANI (@ANI) October 27, 2020